Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Sugar Confectionery in Vietnam

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Executive Summary

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TRENDS

In 2016-2017, Vietnamese consumers continued to pay more attention to health and wellness, which negatively affected the demand for sugar confectionery. Via the media and the internet, more consumers were educated about the negative health outcomes of consuming too much sugar, such as high blood pressure and obesity. The population of obese consumers in Vietnam has been increasing, especially in first-tier cities such as Ho Chi Minh City and Hanoi. Thus, consumers became more cautious about their daily sugar intake in order to stay fit and healthy, leading retail volume growth to gradually slow. As a result, small sizes became more popular in the category over the review period. Indeed, due to the increase in unit prices due to several factors, players also preferred smaller sizes.

COMPETITIVE LANDSCAPE

Perfetti Van Melle Vietnam maintained its lead in sugar confectionery over 2016 and 2017, accounting for 13% of value sales thanks to popular brands including Mentos, Alpenliebe and Golia. These brands are well-received mainly thanks to their good taste and strong brand names, as well as the company’s good distribution network. However, in 2016 and 2017 Perfetti Van Melle Vietnam experienced a gradual decline in its value share within the category due to the tough competition, especially from other imported brands from the region. The more open economy, higher incomes and the further decrease in import taxes were the main reasons supporting the development of these brands.

PROSPECTS

The competition in sugar confectionery is expected to be much tougher over the forecast period. While local players are likely to put more effort into strengthening their positions, more international players are predicted to join the category, thanks to the more open economy and the decline in import taxes from Asian countries such as Thailand, Japan and Korea, based on agreements made by the Vietnamese government.

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